Fall homebuyers are getting a bonus: plunging mortgage rates could save borrowers thousands of dollars.
Mortgage rates fell throughout much of the summer but then made a sharp jump higher in September. Now rates are headed back down, along with the The Dow Jones Industrial Average that fell more than 800 points between Tuesday and Wednesday, the two first days of October.
More dramatic is the comparison to a year ago. Rates are now about one and a quarter percentage point lower than they were at this time last year. For the average borrower taking out a $300,000 mortgage, that is a savings of about $225 on the monthly payment or $2700 per year. That is big savings for borrowers refinancing their loans, and it gives buyers significantly more purchasing power in an already pricey housing market.
At an open house in Atlanta last weekend, buyers definitely had mortgage rates in mind. The home was listed at $215,000, just below the national median price. That made it ripe for both first-time buyers and investors. Nadia and Bryant Mormon want to stop wasting money on their rental and make a solid investment. They see an opportunity with low rates, and a slight cooling in home price appreciation.
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